Monday, October 26, 2015

Nitro Acquires doxIQ To Beef Up Document Analytics Technology

Nitro, a document productivity firm, has acquired doxIQ, enhancing Nitro’s document analytics technology as the company begins transitioning from 10 years as the number one replacement for market leader Adobe Acrobat to a cloud-based provider of Smart Document services. Financial terms of the deal were not disclosed.

Founded in 2014 and based in Palo Alto, California, doxIQ has become a popular tool for converting marketing documents into intelligent web assets that increase conversion rates, collect behavioural data and send view alerts. The firm won the early startup competition at GrowthBeat 2014.

Sam Chandler, CEO and Founder of  Nitro, said in a statement: “There’s way more to document productivity than just creating, editing, converting and signing PDF documents”, and also added that:  Analytics and insights are essential to unleash the value locked in business documents today.”

Michael Feng, CEO and Co-founder of doxIQ, said in a statement: “We saw a huge gap in the market for business document analytics akin to what Google provides for web traffic”, also added that:  “Being part of Nitro will allow us to fulfil our shared vision for using machine intelligence to make working with documents more pleasant and productive.”

Founded by Sam Chandler in 2005 in Melbourne, Australia, Nitro is a document productivity company. The company has grown fast and quickly established itself as the number one alternative to Adobe Acrobat for creating, editing and converting PDF documents. In addition, Nitro is also making similar inroads in the fast-growing e-signature market. Currently, the company employs 200 people to help more than 500,000 businesses in 200 countries, including over half of the Fortune 500 companies to improve their document productivity and help them generates tens of millions in their annual revenue.

Once completed, Michael Feng will Nitro’s product management team while Max cantor, doxIQ’s co-founder and Chief Technology Officer, will lead Nitro research and development team. Nitro plans to integrates doxIQ’s technology, and it will also transition doxIQ customers to its document sharing and e-signature product. 

Before the deal, Nitro has closed a $15 million financing round last year with leading US-based venture capital firm Battery Ventures, bringing its total venture funding to $21.6 million. 

Image credit: Techdows

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